'Bitcoin King' arrested in alleged $300M fraud scheme after reporting hack

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'Bitcoin King' arrested in alleged $300M fraud scheme after reporting hack
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Cláudio Oliveira is accused of staging a false Bitcoin theft in an effort to embezzle money.

brokerage firm Bitcoin Banco Group, and he is accused of staging a cryptocurrency theft to embezzle money.

Stock image showing an illustrative bitcoin on U.S. dollar bills. On Monday, arrests were made in relation to a Brazilian company that is accused of scamming more than 7,000 clients.An investigation into the reported crime ensued, but while authorities looked into the crime, Bitcoin Banco Group received a favorable decision in its request for judicial recovery from the 1st Bankruptcy Court of Curitiba, according to a Monday press release from the Federal Police in Brazil.

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